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FOX News
Jul 3, 2011 7:00pm EDT
is likely to be recovered. no word yet on what caused that break. plus, big developments in the most urgent debate in washington, raising the u.s. debt ceiling. according to the u.s. treasury, time is quickly running out. if congress does not pass a bill to raise the nation's borrowing limit the united states will run out of money by august 2nd and possibly for the very first time in u.s. history, begin defaulting on loans. weeks of negotiations have failed to produce a deal and democrats want new taxes. while republicans oppose tax hikes, they want major spending cuts. yesterday, in his weekly address, president obama said everything has to be on the table, and today, republican lawmakers showed some willingness to accept a flurry of proposals, including eliminating some tax breaks. >> do we believe the tax reform is yes? i would say absolutely. there's not enough team to get this done between now and august the 2nd, but it ought to be the first thing we try to turn to to make our tax code more rationalnd eliminate tax expenditures and loopholes and actually make our nation more competitiv
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